Myntra.com receives $5 mn in funding from NEA-IUV
Bangalore, November 4, 2008:
Myntra.com, India's leading platform for personalized products and
gifts and a company which pioneered the on-demand personalization space in India, today announced
receiving an investment of $5 mn. The Series A round led was led by NEA-IndoUS Ventures and IDG
Ventures with Accel India Venture Fund II (AIVF II) participating. Accel stays invested
continuing the prior association with Myntra through Accel India Venture Fund I (AIVF I). As
part of the investment Vani Kola from NEA-IUV and Sudhir Sethi from IDG Ventures will join the
company's board of directors. Gagan Kumar from Accel India continues to remain a member of the
Board. The Series A funding follows the seed funding last year led by AIVF I with participation
from Mumbai Angels. The funding is huge validation for the strong business model of Myntra.com
which has developed India's largest community of Creative Designers who collectively have
published over 20,000 designs in just 12 months. It further validates the untapped potential
that personalised merchandising offers in India.
Commenting on the funding Mukesh Bansal, Founder, CEO of Myntra.com said, "Myntra.com has found growing acceptance among consumers, campuses and companies looking for creative products, gifts and merchandize. We have enabled creative designers to find a hitherto non existing market. Our combined value proposition is thus both attractive and sustainable which is why we continue to attract investor interest. The investment received will be used to increase our geographical reach, further expansion of our product portfolio and hiring of a few high quality talent to select senior management positions."
Sudhir Sethi, Founder, Chairman and Managing Director of IDG Ventures said "We found Myntra.com to be significantly ahead of the competition and having a strong and committed founding team, which makes them very well positioned to target accelerated growth in this space."
In her remarks, Vani Kola, Managing Director for Indo-US Ventures, said, "The initial momentum of Myntra.com clearly points to the latent, untapped potential in the on-demand personalization space. In these 18 months, Myntra.com has demonstrated excellent execution skills which convinced us to invest." added.
According to Gagan Kumar, Partner, Accel India, "Our staying invested simply means we continue to remain committed to the business model and vision of Myntra.com in pioneering the on-demand personalization space in India. The addition of two well known funds further adds to the network and expertise that Myntra.com can tap into and this will allow the company to pivot itself even better in the times ahead."
About IDG Ventures
IDG Ventures is a global network of venture capital funds with over $2 billion under management and a portfolio of over 220 companies built over the last 15 years. IDG Ventures India manages a US$150 Million venture capital fund focused on helping entrepreneurs grow innovative companies on a global basis. IDG Ventures India's portfolio consists of Manthan Systems, Kreeda Games, ConnectM, iViZ, 3D Solid Compression, Perfint and Aujas Networks.
About NEA-IndoUS Ventures
NEA-Indo US Ventures is a leading venture capital firm which provides early and mid-stage funding to new or growing businesses in India. Our team comprises experienced entrepreneurs and executives who understand the model of incubating ideas and transforming them into successful enterprises. We understand that entrepreneurs are driven by an inner urge to foster change and build enduring companies. These entrepreneurs create path-breaking ideas, enable inorganic growth, and work to transform society for the better. We believe entrepreneurship is not about qualifications or past track records; visionary entrepreneurs can emerge from all walks of life.
About Accel India
Accel India is preferred partner for seed and early stage companies, helping build a vibrant venture capital eco-system in India. Accel's vision is to create world class organizations out of India working with India's best entrepreneurs, leveraging Accel's Global Platform. Accel India's portfolio of companies includes DoveTail, HolidayIQ, Inbiopro, Kaati Zone, Kirusa, MuSigma, Myntra, Perfint, Sconce and Virident.
Myntra.com is the leading on-demand personalization company in India. Myntra.com was started in
late 2006 by a group of IIT/IIM graduates and the primary concept of Myntra.com is to provide
a platform for personalized products and gifts. During last 18 months, Myntra.com has found a
strong appeal among consumers, colleges and companies looking for creative products, gifts and
merchandize. Myntra.com has developed India's largest community of Creative Designers who
have published over 20,000 designs in the last 12 months. Leveraging Myntra.com's strong
designer community, Myntra.com is able to help its clients with creative designs for just
about any topic, theme or product. Myntra.com has developed a strong supplier base and acquired
state-of-the-art technology for on-demand personalization that enables Myntra.com to offer
largest portfolio for creative on-demand products.